How IMG doctors can *DOUBLE* their income in UK

Wonder why a 5 year old is gonna make 1 million dollars opening toys this year while you work a 40 hour week just to meet rent? In this video, I discuss how to change our mindset towards money and try to grow our wealth. I split this video into 3 parts discussing how to not lose money, how to have some money, and then how to have loads of money.
I am not discussing super advanced topics in this video as it’s unlikely to be very applicable to many of us. Hopefully, this video helps you in some way.

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CHAPTERS ⬇
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0:00 intro
0:40 life of a fresh earner
1:20 cost of living crisis is real
2:10 index and scope of this video
2:40 how to prevent decay of money
3:16 what is inflation and why should you care?
5:10 how is inflation calculated
6:35 A word on Gambling/Lottery
8:08 High interest saving account
8:40 On Pensions
9:24 Blue light card
10:26 Driving
10:59 why even want more money
11:38 set yourself up for growth- ISA
13:10 Cash ISA
13:18 LISA
15:02 Stocks and shares ISA
16:50 Build your credit score
18:04 Open a bank account early
19:10 BNPL companies
19:52 Check your own credit scores
20:10 Car
20:56 How to get richer and richer- Most important place to invest money
21:50 Read more
22:30 Audiobooks
22:40 Buy a house
23:25 Show your work
24:59 your time is worth more

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👨🏻‍⚕️ Who am I?
🎵🎵 A sage🎵
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My name is Abhinav Kumar. I am an immigrant doctor in the UK. Through my YouTube channel, I want to speak my mind about money, work and growth. If you liked what you saw, join the tribe and discuss with like minded people.

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I made 5,000 pounds alone in the last year  through passive income. Most of it is because   I took a chance with my investments and it paid  out well. That said, a decision to not invest   is also an investment; although not the worst  one, but still far from the best. Hello friends,  

I’m a junior doctor in the UK and I recently  moved to this country to work in the NHS,   and in this video I’m going to share a few  actionable pieces of advice that I follow,   which have helped me increase my salary or income  by 5,000 pounds in the last year. That’s almost  

Two extra months of working in the NHS than  I have actually worked. And that too without   taking on any extra work. So as you already know,  I’ve just started working and earning in the UK   and if you’re like myself then what I’m about to  tell will sound familiar to you. So you’ve started  

Your new job and your first salary comes into your  account. You buy all the things that you’ve been   wanting to buy for a really long time and then  the next month’s salary comes around and then now  

After paying all your necessary bills, you’re left  with this extra income that you don’t know what to   do with. Oftentimes I hear that my friends just  leave this extra income in their bank account and  

Let it pile up, or they start a savings account  and put the money in there and accrue a small   amount of interest on that income. But that’s not  enough to survive in the current times; the house   prices are rising, everything is getting more  expensive, healthcare is now going private—it is,  

And a lot more things that you really want to buy  are just exceedingly increasing in value. However,   your salary is not keeping up and that’s  why the junior doctors are striking,   for example. So you gotta take smart decisions  with your money to get truly rich. But then again,  

As a legal notice, my aim with this video  is not to make this get rich quick scheme,   or this is not even a “follow my exact footsteps  to the letter” guide. By the end of this video,  

I aim to show you my mindset and the wisdom that I  have learned to help me manage this new thing that   has just landed in my hand, called money. And  hopefully as we go over these ideas, mindsets,  

Resources, you can take back at least some of  the concepts that we discuss here and implement   them in your own life. Now I’m breaking the video  down into sections with chapters, so feel free to   skip around based on your knowledge. But what I’m  essentially trying to achieve is to take someone  

Who has absolutely no knowledge about finances and  walk them step by step through a money mindset.   And so by the end of the video, they should have a  good concept of how to really manage their money,  

And yeah, you can skip around with the chapters  if you want, otherwise follow along. Now in the   first part I’m going to talk about how to prevent  losing your money. That can happen even as it lies   peacefully in your bank account—or in fancy terms,  we call it money erosion. So effectively I’ll try  

To teach you how to reach zero sum, which means  neither loss nor gain and your money still retains   the value that it had when you first got it. So  if you’ve earned some cash and done what most of  

Us have done, which is a smart thing to do, is to  put some money aside into the savings account and   let it grow some interest. This way, at least your  money is increasing. That’s not too bad on its own  

Because all of the money is increasing; it’s still  increasing less than the inflation. You’re still   losing money a bit slowly. So what is inflation?  Let’s figure out this concept of inflation   first. So inflation is something that most new  earners do not think about. They are single,  

They have nobody else depending on them. They  earn the money, spend it on whatever they like   and just leave the rest in a bank account because  the elders told them to do so, and they have no   interest in the economics of it. But that’s the  thing, you might not be interested in inflation,  

But the inflation is definitely interested in  you because if you leave your hard earned money   in a savings account, this number that represents  the work that you have put in, it will gradually   decline in value. Effectively, the work you did  in the past will become less valuable as the  

Time goes on. Eventually in many years it’ll  tend toward insignificance and that’s a bad   thing because your savings account tends to grow  slower than the inflation most times and you still   effectively lose money. However, the work you put  in to earn the money, the value that your work  

Provided, did not lose any value at all. Now let’s  see inflation in action. So let’s say you have £1   in your bank account and it earns 1% interest rate  over a year and a bottle of Pepsi at the same time  

Costs £1. Now by the end of the year when you  go back and have a look at your bank account,   your £1 will have become £1.01. That is, it earned  1% interest. However, when you go to buy Pepsi,  

Now the Pepsi will cost 1.10 pound, so that’s  10p increase from the initial price. So the Pepsi   increase by 10p, but your income only increased  by 1p, which means the value of money that you  

Earned initially has now declined in value. So the  £1 that you earned in the start has now lost its   value as it could buy a bottle of Pepsi earlier,  but at the end of the year it’s not able to do  

Even that. This is called inflation. So in the  UK and in almost every country around the world,   inflation is something that’s calculated on a  regular basis. How they do it, the government,   they go out to the supermarkets and they look at  price of essential items which the people in the  

World or in the country tend to buy more of. So  for example, the UK government tends to look at   the things which UK population tends to buy more.  They go frequently to the supermarket, calculate   the price of these things together and they  do some math and they come up with this number  

Called Consumer Price Index. Now they take this  index and they compare it to the previous index   that they calculated a while ago, let’s say a  month ago, a year ago, and they come to the final   difference and they say that is the inflation or  the consumer price inflation of the products. In  

Short they just call it inflation. The gotcha with  this is, in case they say the inflation has come   down—earlier last month, the inflation of 5%, but  this month the inflation of 3%; so the inflation   has come down and they make it sound like yeah,  it’s a good deal, the government is doing great,  

We are cutting down on inflation. The catch still  is that earlier, everything was increasing at 5%   rate. Even though now it has come down to 3%,  everything is still increasing at a 3% rate.   So nothing is getting any cheaper. It’s just  getting costlier, slower. So that was inflation  

In action. Now the other tip that I follow is  strictly no gambling, no lottery. The whole   theme of gambling and lottery is so prevalent in  the UK. Literally every shop front has a section   dedicated to lottery tickets that you can buy from  the shop. It’s literally next to the chewing gums,  

Et cetera, at the till. The problem with lottery  is the government does not tax it. Gambling money,   any lottery, the income that you make is not  taxed at all. And in fact it’s so common here   that even the shop that we have in our hospital  have gambling tickets—not gambling tickets:  

Lottery tickets, pretty much the same. So that’s  one thing that I aim to strictly avoid because   the chances of winning a lottery or gambling  are so slim and the whole system is designed to   be against you to such an extent that you are  more likely to have a bigger, like you know,  

Success with starting a YouTube channel for  example. And you cannot run away from the Pareto’s   80–20 principle, even here. If you’re not going  to put any work into buying a lottery ticket,   literally anybody else can also be competing with  you and also buying a lottery ticket. However,  

If you’re going to put in some work somewhere,  the number of people who are actually going to   put the same amount of work will be less. So  the less work you put, the less likely you are  

To win. The more work you put, the more likely  you are to win. So starting a YouTube channel,   for example, is a far more sure-shot growth  than you can actually get from buying a lottery   ticket. So strictly no gambling. Next bit of  advice to follow, and this is pretty easy one,  

Is to have a savings account. And not just any  savings account, don’t necessarily have to stick   with the savings account of the first bank that  you have signed up with. You actually look online,   find the bank that is giving you the best savings  account interest rate and sign up for an account  

With them. So even though you might get salary  into one account, you can transfer your savings   into this other high interest savings account.  At least in that way you are surely to grow your   money to some extent and catch up to inflation.  Next bit of money making advice I always give is  

To not stop investing in your pension. So as NHS  employees, we are all given an NHS pension that   we can put in money into regularly. And so when  we put money into that regularly, first of all,  

That money is tax-free so we don’t have to pay any  tax on it. Second, our employer also contribute   some amount of money based on whatever money  you put in. They also contribute a percentage   of that into your account as well, and eventually  down the line it’ll all come back to you because  

It’s a pension that you are contributing into. I  go into much more detail about this whole income   and pension in another video that I have made  about how much money I made in the past year,  

And link will be in the description for that. Next  quick tip is to get a Blue Light Card. Now what is   a blue light card? Blue light is basically any  emergency services that have blue lights on top  

That spin as they zoom pass through the traffic to  reach somebody in emergency or provide medical aid   or put out fires or even police. So all of this,  they have a blue light, right? So hence the name  

Blue light card. Blue light card is basically an  incentive scheme where you get a membership for   £5. The card lasts for two years and then they  have countless discounts on various products.   So for example, the Samsung tablet that I bought,  I got it at an employee rate just because I had  

Membership of the blue light card and that £5 have  more than enough paid for itself by just a single   purchase, not to mention there is also the NHS  discount that you can avail, although I’ve not  

Seen much success with it. Just walk up to any  shop or restaurant and ask if they can give you   some discount based on the fact that you’re an NHS  employee. Now the next bit of advice is slightly  

Different but absolutely essential. Learn driving  as fast as you can when you come to UK because   moving from place to place is one of the biggest  hurdles that you’re going to face when you come   to this country. Although there is excellent  bit of public transportation in this country,  

Being able to drive unlocks endless opportunities,  not to mention getting into GP training itself   kind of requires you to have a driving license  because you’ll be doing home visits and seeing   patients at their home. So you wouldn’t want to  be leaving this up till the last moment. Now with  

This next tip, I want to refresh a new sense of  purpose in you for making more money, and that is:   What would you like to do with money later on?  You might like to buy a new house, a better house,  

A bigger one. Go to a website like rightmove.co.uk  and check out your dream house. Look at how much   it costs. Now scroll to the bottom of the page  and see how much money you can put up upfront  

And how much money you will need to take out of  a loan. Now see how much you will need to pay in   every month to pay off the mortgage or the home  loan. Now see how much work life ahead of you.  

If that doesn’t get you driven to earn more,  then I don’t know what will. We’ll come back   to this. Now in the second part is where things  get interesting. I want you to learn about ISA or   Individual Savings Account. Individual savings  account or ISAs are a government scheme where  

The government allows you to invest £20,000 of  money over the course of one financial year into   a couple of things which they say will not cost  you any tax if you make any profit on them. So   ISAs have four different categories into which  you can put money. So you’ve got the cash ISA,  

Where you directly deposit some cash; you’ve  got stocks and shares ISA, where you deal with   stocks and shares in the stock market; then you’ve  got LISA, which is Lifetime ISA; and you’ve got   another type, innovative finance ISA. We are not  going to talk about innovative finance ISA, and I  

Will go into more detail about the other three. In  total, let’s say… Before we delve into each one,   I just want to point out that if you put in £1,000  into cash ISA, you are only left with £19,000 to  

Invest across any other scheme. So if you put in  £1,000 here, £2,000 here, £2,000 here, so now left   with £2,000 plus £2,000 plus £1,000—£5,000 gone,  you’re only left with £15,000 that you still need   to distribute among the others. So across all  the ISAs you have, you cannot exceed 20,000.  

Now let’s delve into individual one. We first are  going to speak about cash ISA. It’s literally just   a savings account. No matter how much interest  you earn on the savings account, as long as it’s  

Called a cash ISA, it’ll not be taxed. If you earn  a certain amount of interest on any other savings   account, that money is still taxable but not any  money that is invested in an ISA. So that’s first.  

Second we speak about LISA, which is lifetime ISA.  In this you are allowed a maximum of £4,000. So if   you do manage to put in all £4,000, you’ll still  be left with £16,000 to invest elsewhere. With   this £4,000 pounds, how much ever money you  decide to put in—let’s say even though they  

Say you can put in a maximum £4,000, you only  go ahead and put in £1000, what they do is,   how much ever money you put in, they will add 25%  of that into your account immediately—no, it takes  

About a month or two. If you put in £4,000, they  will put in £1,000. If you put £1,000, they put in   £250. You get the gist. Now here’s the catch:  Because this is zero risk and full-on-reward,   the government has restricted you to only do  certain things with the LISA. Either you can  

Use this money to buy your first house—first house  only; or you can use this money to retire—at the   age of 60, you can get it. Or if in case you are  having a terminal condition, then you can claim  

Your money. Apart from this, if you want your  money out of LISA for any reason whatsoever,   the government will charge you 25% of the new  money as fine. So let’s say you put in £1,000,   the government added £250. Now the total amount in  your LISA is £1,250. You decide I’m not going to  

Bother with a house, I’m retiring too much in the  future and I just want my money—you decide to take   it all out, the government will charge you 25% off  £1,250 which comes up to £312. So effectively you  

Will get back less money than what you put in. So  you need to be really careful with what you decide   to make use of with a LISA money. Now we come  to the most interesting: The stocks and share  

ISA. In this category, this is where I have made  most of my income. In the previous financial year,   I invested in a stock which doubled, so I got  a thousand pounds from there. Then this year I   have invested quite a bit of my salary into  stocks and shares and they have also gained  

Significant amount of value, which is where I have  made most of my income. So stocks and shares is   just like you using a broker to trade in stocks  and shares and if the broker has an ISA option,  

That is where your money should go initially. You  need to learn a little bit about the stock market   to make good decisions. But long story short, if  you are able to do your research adequately and  

Put in money in the right place, you are going  to earn so much more than what you would have   gotten from any other means. So anytime you are  going to take a risk of earning so much more—it  

Doesn’t sound like a risk, the con is that it  might also go down that much more. So because   we are taking a bigger risk, the reward tends  to be bigger. A savings account is a fail-safe.   You put in money, you can always get that money  back. And so, low risk, low reward—they’ll only  

Reward you with 1% or 2%. But stocks and shares,  you’re taking a bigger risk because your money   can reduce—the reward, because the stock market  can go up quite significantly. Like in my case,   last year went up a hundred percent for my one  stock and I literally doubled my money. The reward  

Can be far greater. Of course the 2008 financial  crisis et cetera are example of when things can   go horribly wrong. So we need to balance out  how much money you are ready to lose in the   short term and how much money you absolutely need  to keep going. Put some in the savings account,  

Savings ISA and put others in the stocks and  shares ISA and balance it all. Another tip is to   build your credit score. Now what is credit score?  Credit score is effectively a number that checks  

How good you are with loans that are given to you.  So how good are you are at paying it back. So over   time there are companies that build a portfolio of  your handling of credit. So things like getting a  

Credit card, paying off your bills on time, having  something called a direct debit where the money   gets automatically deducted from your bank account  for different bills. These things, if they always   happen on time and they never bounce or they never  get canceled, they give you a boost in your credit  

Score. It means that you are quite a reliable  person to be loaned money to. So the first thing   you need to do is—after coming to UK—is to get  a credit card as early as possible. In doing so,  

You open up a book for keeping a credit score  record for yourself, and with time as you improve   your credit score, eventually when it comes time  to buy a house, the people who will be lending you  

The loan amount will look at how good your credit  number is, and accordingly they can increase or   decrease the amount of money they’re ready to  loan to you and they are also going to change   how much interest rate they’re going to charge  on the money they have loaned to you. Another  

Way to increase your credit score is to open a  bank account of early if possible. So Monzo is a   good bank to start with in the UK because it’s an  online bank that also reports your credit score.  

TransferWise or nowadays also known as Wise does  not do that. So when you open a Monzo account,   which is totally online—there’s no physical  store—you can start using it as a normal bank   account in the country with the added advantage  that your credit score has finally started. And  

One of the criteria for credit score is they  look at how long you have had your longest bank   account. So the longer you’ve had a bank account,  the better. So try not to close your Monzo account  

Even down the line. Eventually your goal should be  to open up a high street bank account. You know,   the one with brick and mortars. The advantage of  having a high street bank account like Barclays   or HSBC or NatWest, and the list goes on—or even  Halifax; there are many more. The advantage with  

These is you can use the account statement as  an address proof, and that again adds to your   credibility. Yet another advice for increasing  your credit score is to avoid Buy Now, Pay Later   companies like Klarna, Clearpay. The disadvantage  with them is the more money you borrow from them,  

The more you have a risk of defaulting on the  payments. They like to split up your payments for   let’s say a shoe that you don’t want or a mobile  phone that you just got tempted to buying into,  

And they split it up into a couple of installments  that you need to pay over the next three or four   months. Now with time it can go out of hand and  you might be paying £1,000 a month just to keep  

Going. And so that, if you default on it, will  really hurt your credit score, and you know,   with poor credit score comes poor chance of buying  a house. You can also track your credit score by   going online and searching for companies that  keep your credit score. Things like TransUnion  

Or Experian, these are companies that record your  credit score. And other companies who have lent   money to you, if you don’t pay them, they will  report that to those credit keeping companies. So   you can go to the websites directly and check how  the credit score is doing. Now, coming out of the  

World of credit scores, the next step is to buy a  car. So earlier we discovered why it is important   to learn driving as soon as possible. Now coming  to why you need to buy a car as soon as possible:  

Because buying a car is truly going to set you  free. You are having the freedom to move about,   you’ll be able to move homes easily, you will  not have to rely on time—and time is money;  

And not to mention if you are going to travel  around in UK, having a car is a much cheaper way   to access remote areas with public transportation.  Buses and trains and Uber, although quite regular   and frequent, still exert some influence over your  time. Now coming to the third part, I’m going to  

Discuss my philosophy on how to continue to  get richer and richer in life. So the most   important place that you can invest money: Take  a guess—what do you think it is? Is it a house?  

Is it some stocks? Is it a car? Is it family?  I would say the most important place to invest   money in is yourself. I’m not just talking about  frivolous spending on having great leisure time,   it is more about learning knowledge and skills  because you can always one-up your life. Invest  

In soft skills, invest in knowledge, develop some  charisma, get a gym membership, spend some of the   free time from working and studying as a doctor  to learn other things, because after all, you’re   not your profession. Look up courses on YouTube  or Udemy for things like photography or any other  

Hobby that you might want to enjoy but never got  time to do. Pick up cycling, pick up calligraphy.   These things might not look connected on the face  of it, but in the words of Steve Jobs, “you can’t   connect the dots looking forward,” but you can  connect them looking backwards. Next bit of advice  

Is to invest in reading. In fact, I bought the  Samsung tablet last year just to help me read more   books. And I have read more books in the past year  thanks to this tablet than I have in pretty much  

The entire three, four years before that. Reading  exposes you to ideas which you didn’t know were   remotely possible. It’ll introduce new words into  your vocabulary that will alone open up so much   potential for money making that you didn’t even  know existed. Look up Baader-Meinhof phenomenon  

Or also known as the frequency illusion, as a  bonus to speed up your reading. I would say listen   to the audiobook on your runs or your walks to  work. And after you’ve heard the audiobook once,   then you can come back to the book and it’ll  really speed up your comprehension of what  

You’re reading even more. And so you can churn  through your books faster. Now the next bit of   advice is to buy a house. In the UK, unlike  in other places, the cost of a house that you  

Pay every month for your home loan is roughly the  same as the rent—so neither of which are higher or   lower. I have known people who have always been  like, I’m never going to buy a house, I’m just  

Going to pay rent every month and whenever I want  to move I’ll happily move. And that does not work   quite well in an economy like the UK. And this  is where your LISA will come for the most use:  

To put money into buying a first house. There are  of course countless other advantages of buying   a house, like having a peace of mind—and those  things are outside of the scope of this video,   but buying a house is an essential goal every  young person should have. Next bit of advice that  

Has helped me really, really succeed is showing  my work. So you might be wondering, what exactly   does showing your work mean? It means whatever you  are learning—and I know you’re always learning—you   have to try to teach the person who is just one  or two steps behind you. And so when you make a  

Video, for example, to teach somebody who is just  one or two steps behind you, like I’m making this   video for you, you will be able to put your own  content out, and in that way you will also be  

Showing your work and effectively succeeding  in your own way. People will reach out to you,   they will comment on your videos, they will know  you. And it goes on for Instagram reels, posts,   Twitter posts, whatever. Getting onto social  media is one big way of showing your work. This  

Concept alone has given me multiple psychological  boosts and has helped me propel my previous video   to 280,000 views in the span of few months. For  example, I saw an Ali Abdaal video in 2018 when   he had somewhere like 800,000 subscribers. Still  a big number, but that’s the subscriber count he  

Had. Then I didn’t see a single video of his for  many, many years until much later I saw that he   was sitting at 1.2 million subscribers. Then  I didn’t see him again and the next thing you  

Know he’s now sitting at 5 million subscribers.  And so there are going to be quite a few people   who saw my previous video and who will never  see me again for many years down the line.   But eventually I will come back on their feed  once again, if I keep showing my work. Finally,  

The final, final bit of advice that I would like  to give you that has helped me build a really good   philosophy with handling money is to never trade  my time for money. So what does this mean? I know  

I am earning a salary, but that is coming at a  cost of investing time. If I do any extra work,   that will be me earning extra money because I did  extra time. That’s not the way that I would like  

My life to go forward. And in the present world,  I think if you are watching my video and you are   stuck this far, neither should you be doing the  same. As you can see, the concept of salary is   already failing. Nearly everywhere you look,  there are doctors striking, there are railway  

Workers striking, there are bus drivers striking,  taxi drivers are striking. Literally every single   department is having a strike somewhere or the  other, all because they want a salary raise.   Another thing that’s the problem with salary is,  what if one day you don’t like your job and you  

Would like to leave it and start something else?  You will unfortunately be stuck with all the bills   you have to pay and the downgrade that you will  have in the initial months after quitting a job.  

Or if your partner falls ill and then you have  to catch up on their side of the income as well,   then you might have to take up extra shifts at  the age of 50, still be stuck in traffic on your  

Way to work, work long hours at nights. These are  some of the real stories that I’ve seen that my   consultants live through. They’re senior medical  doctors and they’re still going through the life   of coming in at midnight, going home at 4:00 in  the morning or staying over throughout the night,  

Just because they are unable to take more off  time because they have the added responsibility of   looking after the spouse and this job that they’re  doing is the only force of income they have. And   with that, we come to the end of this video.  Congratulations for making it this far in your  

Willingness to learn more about how to get rich.  In this video we discussed about initially how   to build up basic understanding of money, then we  moved on to the tools that the government provides   us to help us grow our money. The first £20,000 is  tax-free. And afterwards we discussed about how to  

Really change our mindset to somebody who’s really  out to earn a lot more than they are being offered   by the society—they’re going to go out there and  get it. If you want to use my referral link for  

The Trading 212 platform, the one that I use to do  my stocks and shares, I will have linked it in the   description, and if you click on that link, you  and I both will get some amount of shares worth  

Between £1 and £100 that will get us started. So  here’s another video if you want to check out,   or feel free to browse around on my channel.  Take care and I’ll see you in the next video.